Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s–2000s

Antoni Estevadeordal and Alan Taylor
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Antoni Estevadeordal: Inter-American Development Bank

The Review of Economics and Statistics, 2013, vol. 95, issue 5, 1669-1690

Abstract: According to the Washington Consensus, developing countries' growth would benefit from reductions in barriers to trade. However, the empirical basis for judging trade reforms is weak. Econometrics are mostly ad hoc, results are typically not judged against models, policies are poorly measured, and most studies are based on pre-1990 experience. We address these concerns by employing a model with capital and intermediate goods, compiling new disaggregated tariff measures, and employing treatment and control regression analysis with differences-in-differences. We find that a specific treatment, liberalizing tariffs on imported capital and intermediate goods, led to faster growth, consistent with the model. © 2013 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Keywords: GATT; Uruguay Round; trade liberalization; growth; capital goods; intermediate goods; developing countries (search for similar items in EconPapers)
JEL-codes: E65 F10 F13 F43 F53 N10 N70 O40 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (53)

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Related works:
Working Paper: Is the Washington Consensus Dead?: Growth, Openness, and the Great Liberalization, 1970s-2000s (2009)
Working Paper: Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s (2008)
Working Paper: Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s (2008)
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